Volume 6, Issue 2

Total Page:16

File Type:pdf, Size:1020Kb

Volume 6, Issue 2 RUTGERS JOURNAL OF LAW & PUBLIC POLICY VOLUME 6 SPRING 2009 ISSUE 2 Editor-in-Chief KRISHNA S. BHAVSAR Executive Editor ELIZABETH POTOSKY RICHARD DAVID WALKER Symposium Editor Managing Technology Business Editor Editor CHRISTOPHER EMRICH DAVID F. ROEBER SARAH BOYER Managing Articles Managing Research Managing Notes Editor Editor Editor MATTHEW KOHUT KATHLEEN M. MCCLURE JOHN C. HYON Senior Articles Editor Lead Technology Senior Notes Editor Editor DOUG MAUTE RENEE DELLA FAVE JESSICA BISIGNANO Submissions Editors Marketing Editor MELISSA ABATEMARCO JULIE PAULL JESSICA BISIGNANO Articles Editors Technology Editors Notes Editors KEVIN GOLDEN JONATHAN GROPPER RICHARD BATELMAN BRANDON HAWKINS BRYCE GUINGRICH MIKE FORD CHARLES HOLMGREN MARK KOWAL ROBERT RICHARDSON JACLYN LEVASH BORIS SHAPIRO JESS MILLER JOHN WYAND HEDWIG MURPHY LISA MYERS NOAH SCHWARTZ Staff Editors ALISON ANDERSON MEGAN HELFRICH NICOLAS PEDONE DONALD BENNEDETTO JENNIFER LOWES RYAN C. RICHARDS GABRIEL BLUESTONE WARREN MABEY AYA SALEM ROBERT J. CAHALL MARIA MANCINI SANDY SCHLITT ERIN CARROLL PHILIP MERSINGER KIMBERLY SCHWARZ JILLIAN A. CENTANNI PRISCILLA MOORE NITIN SHARMA LEO DONATUCCI DAVID MOSCOW JOANNA SYKES-SAAVEDRA ALLISON GROSS NICOLE J. O’HARA CHRIS WEIR AMANDA HARBER MELISSA OSORIO STEVEN WILSON Faculty Advisors PHILIP L. HARVEY SARAH E. RICKS DAMON Y. SMITH About the Rutgers Journal of Law & Public Policy The Rutgers Journal of Law and Public Policy (ISSN 1934-3736) is published three times per year by students of the Rutgers School of Law – Camden, located at 217 North Fifth Street, Camden, NJ 08102. The views expressed in the Rutgers Journal of Law & Public Policy are those of the authors and not necessarily of the Rutgers Journal of Law & Public Policy or the Rutgers School of Law – Camden. Form: Citations conform to The Bluebook: A Uniform System of Citation (18th ed. 2005). Please cite the Rutgers Journal of Law & Public Policy as 6 RUTGERS J.L. & PUB. POL’Y __ (2009). Copyright: All articles copyright © 2009 by the Rutgers Journal of Law & Public Policy, except where otherwise expressly indicated. For all articles to which it holds copyright, the Rutgers Journal of Law & Public Policy permits copies to be made for classroom use, provided that (1) the author and the Rutgers Journal of Law & Public Policy are identified, (2) the proper notice of copyright is affixed to each copy, (3) each copy is distributed at or below cost, and (4) the Rutgers Journal of Law & Public Policy is notified of the use. For reprint permission for purposes other than classroom use, please submit request as specified at http://www.rutgerspolicyjournal.org/. Manuscripts: The Rutgers Journal of Law & Public Policy seeks to publish articles making original contributions in the field of public policy. The Journal accepts both articles and compelling essays for publication that are related to the expansive topic of public policy. Manuscripts must contain an abstract describing the article or essay which will be edited and used for publication on the website and in CD-ROM format. The Journal welcomes submissions from legal scholars, academics, policy makers, practitioners, lawyers, judges and social scientists. Electronic submissions are encouraged. Submissions by email and attachment should be directed to [email protected]. Paper or disk submissions should be directed to Rutgers Journal of Law & Public Policy, Rutgers University School of Law – Camden, 217 North Fifth Street, Camden, New Jersey 08102. Subscriptions: Subscription requests should be mailed to to Rutgers Journal of Law & Public Policy, Rutgers University School of Law – Camden, 217 North Fifth Street, Camden, New Jersey 08102, or emailed to [email protected]. Internet Address: The Rutgers Journal of Law & Public Policy website is located at http://www.rutgerspolicyjournal.org. OFFICERS OF THE UNIVERSITY RICHARD L. MCCORMICK, B.A., Ph.D., President MARGARET S. MARSH, B.A., M.A., Ph.D., Interim Provost and Dean, FASC LAW SCHOOL ADMINISTRATION RAYMAN L. SOLOMON, B.A., M.A., J.D., Ph.D., Dean and Professor of Law JAYDEV CHOLERA, B.A., M.B.A., Director, Finance and Administration JOHN S. BECKERMAN, A.B., M.A., J.D., Ph.D., Associate Dean—Academic Affairs CAMILLE SPINELLO ANDREWS, B.A., J.D., Associate Dean—Enrollment ANNE V. DALESANDRO, A.B., M.L.S., J.D., Director of Law Library BARBARA MAYLATH, A.B., Assistant Dean of Development EVE BISKIND KLOTHEN, B.G.S., J.D., Assistant Dean for Pro Bono and Public Interest Programs ANGELA V. BAKER, B.A., J.D., Associate Dean of Students and Career Planning FACULTY AARON ARI AFILALO, A.B., J.D., LL.M., DONALD KOROBKIN, B.A., A.M., J.D., Professor Associate Professor of Law of Law DAVID E. BATISTA, A.B., J.D., M.S., Librarian ARTHUR B. LABY, B.A., J.D., Associate LINDA S. BOSNIAK, A.B., J.D., M.A., Professor Professor of Law of Law F. GREGORY LASTOWKA, B.A., J.D., Associate HON. DENNIS BRAITHWAITE, B.S., J.D., LL.M., Professor of Law Visiting Professor of Law ARNO LIIVAK, B.A., M.L.S., J.D., Professor of A. HAYS BUTLER, B.A., J.D., M.S. (LIS), Law Emeritus Librarian II HARRY LITMAN, A.B., J.D.,Visiting Associate MICHAEL A. CARRIER, B.A., J.D., Associate Professor of Law Professor of Law MICHAEL A. LIVINGSTON, A.B., J.D., Professor FRED C. CHANDLER, Jr., B.A., LL.B., LL.M., of Law Professor of Law Emeritus JOHN C. LORE, III,Visiting Asst. Clinical GLORIA F. CHAO, B.A., M.L.S., Librarian II Professor of Law EDWARD E. CHASE, B.A., J.D., Professor of JONATHAN MALLAMUD, A.B., J.D., Professor of Law Emeritus Law Emeritus VICTORIA L. CHASE, B.A., J.D., Clinical EARL M. MALTZ, B.A., J.D., Distinguished Associate Professor of Law Professor of Law ROGER S. CLARK, B.A., LL.B., LL.M., J.S.D., KIMBERLY MUTCHERSON, B.A., J.D., Associate LL.D., Board of Governors Professor Professor of Law JASON K. COHEN, B.A., J.D., Legal Writing JOHN F. K. OBERDIEK, B.A., M.A., J.D., Ph.D., Clinical Asst. Professor Associate Professor of Law RUSSELL M. COOMBS, B.A., J.D., Associate CRAIG N. OREN, A.B., J.D., Professor of Law Professor of Law TRACI OVERTON, B.A., J.D., Clinical Staff LUCY COX, B.A., M.S., Ph.D., M.L.S., Librarian Attorney II DENNIS M. PATTERSON, B.A., M.A., J.D., Ph.D., PERRY DANE, B.A., J.D., Professor of Law Distinguished Professor of Law JOHN H. DAVIES, B.S., LL.B., LL.M., Professor IMANI PERRY, B.A., J.D., L.L.M., Ph.D., of Law Emeritus Professor of Law MARC EDELMAN, B.A., J.D., Visiting Asst. STANISLAW POMORSKI, LL.B., LL.M., J.S.D., Professor of Law Distinguished Professor of Law Emeritus JAY M. FEINMAN, B.A., J.D., Distinguished SARAH RICKS, B.A., J.D., Clinical Associate Professor of Law Professor, Legal Writing KIMBERLY D. FERZAN, B.S., J.D., Professor of RUTH ANNE ROBBINS, B.A., J.D., Clinical Law Professor of Law & Chair, LRW Program DAVID M. FRANKFORD, B.A., J.D., Professor of SHEILA RODRIGUEZ, Clinical Asst. Professor- Law LRW ANN E. FREEDMAN, B.A., J.D., Associate RAND E. ROSENBLATT, B.A., M.Sc., J.D., Professor of Law Professor of Law STEVEN F. FRIEDELL, B.A., J.D., Professor of PATRICK J. RYAN, B.A., M.A., J.D., LL.M., Law J.S.D., Associate Professor of Law SANDRA GAVIN, B.A., J.D., Director of ROBERT A. SACHS, B.A., J.D., Visiting Clinical Advocacy Programs Associate Professor of Law ERIC GILSON, B.A., J.D., M.L.I.S., Librarian III MEREDITH L. SHALICK, B.A., M.S., J.D., GEORGE GINSBURGS, Bacchalaureat Serie Visiting Clinical Asst. Professor of Law Mathematiques, B.A., M.A., Ph.D., SANDRA SIMKINS, Clinical Associate Professor Distinguished Professor of Law Emeritus of Law SALLY F. GOLDFARB, B.A., J.D., Associate RICHARD G. SINGER, B.A., J.D., LL.M., J.S.D., Professor of Law Distinguished Professor of Law ELLEN P. GOODMAN, A.B., J.D., Professor of DAMON Y. SMITH, B.A., M.U.P., J.D., Assistant Law Professor of Law JOANNE GOTTESMAN, B.A., J.D., Clinical STANLEY P. STAHL, B.A., J.D., Visiting Associate Professor of Law Professor of Law PHILLIP L. HARVEY, B.A., J.D., Ph.D., Professor WILLIAM M. SPEILLER, B.S., LL.B., LL.M., of Law Professor of Law Emeritus N.E.H. HULL, B.A., Ph.D., J.D., Distinguished ALLAN R. STEIN, B.A., J.D., Professor of Law Professor of Law BETH STEPHENS, B.A., J.D., Professor of Law RICHARD HYLAND, A.B., M.F.A., J.D., D.E.A., RICK SWEDLOFF, B.A., J.D., Visiting Associate Distinguished Professor of Law Professor of Law JOHN P. JOERGENSEN, B.A., M.A., M.S. (LIS), GERARDO VILDOSTEGUI, B.A., J.D., Visiting J.D., Librarian II Professor of Law DONALD K. JOSEPH, B.S., LL.B., Visiting CAROL WALLINGER, B.S., J.D., Legal Writing, Associate Professor of Law Clinical Associate Professor of Law HARRIET N. KATZ, B.A., J.D., Clinical Professor ROBERT M. WASHBURN, A.B., J.D., LL.M., of Law & Director, Lawyering Program Professor of Law A. KODZO PAAKU KLUDZE, B.A., LL.B., Ph.D., ROBERT F. WILLIAMS, B.A., J.D., LL.M., LL.M., Distinguished Professor of Law Emeritus Distinguished Professor of Law Rutgers Journal of Law & Public Policy VOLUME 6 SPRING 2009 ISSUE 2 Current Issues in Public Policy © 2009 by Rutgers University School of Law – Camden ISSN 1934-3736 Rutgers Journal of Law & Public Policy VOLUME 6 SPRING 2009 ISSUE 2 CONTENTS THE LIFE CYCLE OF IMMIGRATION: A TALE OF TWO MIGRANTS.................................................................
Recommended publications
  • Restoring Trust in Corporate Governance: the Six Essential Tasks of Boards of Directors and Business Leaders
    Restoring Trust in Corporate Governance: The Six Essential Tasks of Boards of Directors and Business Leaders Policy Brief January 2010 Policy and Impact Committee of the Committee for Economic Development Restoring Trust in Corporate Governance: The Six Essential Tasks of Boards of Directors and Business Leaders POLICY BRIEF Policy and Impact Committee of the Committee for Economic Development Contents EXECUTIVE SUMMARY . xi I . INTRODUCTION . 1 II . RESTORING TRUST WITH SIX ESSENTIAL GOVERNANCE TASKS . 3 1) Redefining the Mission of the Corporation—and the Roles of the Board of Directors and the CEO . 3 2) Revamping the Leadership Development Process . 4 3) Refocusing the Process for CEO Selection—and for Other Promotions into High Corporate Positions . 4 4) Reformulating Operational Objectives for Performance, Risk and Integrity . 5 5) Revising Compensation for the CEO, Senior Executives and Other Key Employees . 9 6) Re-aligning the Board’s Oversight Function . 10 III .OBSTACLES . 13 1) Labor Markets . 13 2) Differing International Standards . 13 3) Changing Board Compensation Advisors . 14 4) Short-Termism of Institutional Investors . 14 5) Manipulating the Numbers . 15 6) The Reduction of Pressure for Change . 15 IV . ACCOUNTABILITY AND LEADERSHIP . 17 1) The Market . 17 2) Shareholder Involvement . 17 3) Government Regulation . 17 4) Back to the Future: The Duties of Boards of Directors and Top Business Leadership . 18 ENDNOTES . 19 iii iv Policy and Impact Committee Chairmen PATRICK FORD LAURENCE G. O’NEIL President and Chief Executive Officer, U.S. President and Chief Executive Officer PATRICK W. GROSS Burson-Marsteller Society for Human Resource Chairman Management The Lovell Group CONO R.
    [Show full text]
  • How Corporate Boards Can Oversee Environmental, Social and Governance (Esg) Issues
    Running the Risk HOW CORPORATE BOARDS CAN OVERSEE ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES November 2019 Acknowledgements Rebecca Henderson, John and Natty McArthur University Professor, Harvard Business School; board Report Authors: member, Amgen Inc.; board member, IDEXX Laboratories Veena Ramani, senior program director, Robert Herz, board member, Morgan Stanley; capital markets systems program, Ceres and board member, Federal National Mortgage Association Hannah Saltman, manager, governance, Ceres. (Fannie Mae); board member, Workiva Inc.; board member, Paxos Trust Company; board member, This project is generously funded by the Gordon Sustainability Accounting Standards Board (SASB) and Betty Moore Foundation. Foundation; former chairman of the board, Financial We would also like to thank our colleagues at Ceres Accounting Standards Board (FASB); former member, who provided very useful assistance with this project, International Accounting Standards Board (IASB) including Blair Bateson, Jim Coburn, Margaret Fleming, Dan Hesse, board member, PNC Financial; Barbara Grady, George Grattan, Cynthia McHale, board member, Akamai; former president and Brian Sant, Sara Sciammacco, Alex Wilson and chief executive officer, Sprint Corporation Elise Van Heuven. Robert Hirth, senior managing director, Protiviti; former Project Contributors chairman, Committee of Sponsoring Organizations of the Treadway Commission (COSO); co-vice chair, Ceres would like to thank the following people for Sustainability Accounting Standards Board (SASB) contributing their valuable time and thoughtful feedback to this project and informing our recommendations. Steven Hoch, partner, Brown Advisory; former board The views expressed in this paper are Ceres’ alone and member, Nestle SA do not necessarily reflect those of these contributors. Sheila Hooda, chief executive officer, president & founder, Carol Browner, former administrator, U.S.
    [Show full text]
  • Lead from the Top Report
    LEAD FROM THE TOP: BUILDING SUSTAINABILITY COMPETENCE ON CORPORATE BOARDS ACKNOWLEDGEMENTS board member at Silver Bay Realty • Suzanne Klatt, director of Trust Corporation Sustainability & Environment at Report Author: Veena Ramani, Program Prudential Financial, Inc. Director, Capital Markets Systems • Dianne Dillon-Ridgley, former Program, Ceres board member at Interface, Inc. • Rakhi Kumar, head of ESG • Margaret Foran, chief governance Investments and Asset This project is generously funded by officer, senior vice president and Stewardship at State Street Global the Gordon and Betty Moore corporate secretary of Prudential Advisors Foundation. Financial, Inc.; board member at Occidental Petroleum Corporation • Sophie L’Helias, president at We would also like to appreciate our LeaderXXchange; board member • Michael Garland, assistant colleagues at Ceres who provided very at Kering useful assistance with the project, comptroller for Corporate including Hannah Saltman, Shelley Governance and Responsible • Maria Elena Lagomasino, chief Alpern, Kristen Lang, Andrew Logan, Investment at the New York City executive officer and managing Eliza Roberts, Chris Davis, Sara Office of the Comptroller partner at WE Family Office, LLC; Sciammacco and Karen Rivera. • Helene Gayle, chief executive board member at The Walt Disney officer at McKinsey Social Initiative; Company; board member at The PROJECT CONTRIBUTORS board member at The Coca-Cola Coca-Cola Company Ceres would like to thank the Company; board member at Colgate-Palmolive • Karina Litvack,
    [Show full text]
  • VIEW from the TOP How Corporate Boards Can Engage on Sustainability Performance
    VIEW FROM THE TOP How Corporate Boards can Engage on Sustainability Performance October 2015 Authored by: Veena Ramani, Ceres • Heather Wright, Program Officer, Environmental ACKNOWLEDGMENTS Conservation, Moore Foundation Report Author: Veena Ramani, Senior Director, Corporate • Heather Zichal, Independent energy consultant, Program, Ceres. Board member of Cheniere • Helene Gayle, CEO McKinsey Social Initiative; This project was made possible with the support of the Board member of Coca Cola, Colgate Palmolive Gordon and Betty Moore Foundation. • Ian Dunlop, Independent Adviser & Commentator - In particular, we would like to extend a very special Climate & Energy, former CEO Australian Institute thank you to Andrea Moffat, Vice President of the Ivey of Company Directors and Chair Australian Coal Foundation for her invaluable insights and contributions Association to the development of this project, as well as thoughtful • Julie Gorte, Senior Vice President for Sustainable feedback on various report drafts. Investing, Pax World Group We would also like to appreciate our colleagues at Ceres • Kristin Hensch, Associate, Morrison Foerster who provided very useful assistance with the project, • Margaret Foran, Chief Governance Officer, Vice including Joseph Manning, Kristen Lang, Natasha President and Corporate Secretary of Prudential Scotnicki, Peyton Fleming and Aaron Pickering. Financial, Board Member, Occidental Petroleum PROJECT CONTRIBUTORS • Melanie Steiner, Senior Vice President and Chief Risk Officer, PVH Corp Ceres would like to thank the following people for contributing their valuable time and thoughtful feedback • Michelle Banks, EVP, Global General Counsel, to this project and informing our recommendations. The Corporate Secretary & Chief Compliance Officer, views expressed in this paper are those of Ceres alone Gap Inc. and do not necessarily reflect those of these contributors.
    [Show full text]
  • Good Governance Guide the Company Secretary: Separation of Roles Not-For-Profit Sector Management and Oversight
    Good Governance Guide The company secretary: Separation of roles Not-for-profit sector Management and oversight This guide highlights the importance of the role of the The ASX Corporate Governance Council’s Corporate company secretary and sets out the conflicts which arise Governance Principles and Recommendations notes that when undertaking dual roles. ‘the company secretary should be accountable directly to the board, through the chair, on all matters to do with Qualified company secretaries provide invaluable support the proper functioning of the board’. The decision to to boards through governance advice, secretariat appoint or remove a company secretary should be made services, effective administration of board processes or approved by the board. It is good governance for the and output, facilitation of board and governance reviews, company secretary to report directly to the chair of the director inductions and ensuring effective information board to ensure the independence of the role. flows between the board and management. Boards invariably gain substantial benefits from having an Conflicts of role and responsibility experienced, qualified professional appointed to the role It is good governance for organisations to separate the of company secretary to service the board and statutory roles of company secretary from executive roles such as the requirements of the organisation. role of the chief executive officer (CEO). The Corporations Act 2001 requires the appointment of The board of an organisation which appoints the CEO, or at least one company secretary for public companies other executive, as the company secretary should recognise and allows the appointment for other companies1. The the following issues which arise from such an appointment: role is not merely an administrative one — the law imposes obligations directly on the company secretary.
    [Show full text]
  • Focusing on Governance Issues We Believe Good Governance Helps Us Apply the Chevron Way in All That We Do
    focusing on governance issues we believe good governance helps us apply the chevron way in all that we do learn more chevron.com/corporategovernance boardroom insight Q&A with wanda austin and mary francis Right: Independent Director Dr. Wanda Austin (right) discusses a range of topics including environmental, social and governance (ESG) trends, board oversight and energy transition. She is interviewed here by Corporate Secretary and Chief Governance Officer Mary Francis. For Wanda’s biography, please visit chevron.com/about/leadership/wanda-austin. Francis: How has your prior experience Francis: What is the role of the Public leading The Aerospace Corporation Policy Committee (PPC) that you chair? informed your perspective as a Director on the Chevron Board? Austin: I have been PPC Chair since May 2018. The role of the PPC is to provide oversight in Austin: One of the many reasons it’s exciting the areas of environmental, social, human rights, to serve on the Chevron Board is that, much like political and public policy matters as they the aerospace industry, the energy sector is a affect Chevron’s business and the company’s demanding and high-consequence business. ability to deliver on its purpose. We engage the Chevron has a very clear focus on the mission management team in detailed discussions and and everyone on the team understands the reviews on subjects such as proxy proposals, importance of what they are doing. It improves corporate policies, lobbying, community the quality of life for everybody when we, the engagement and showing up as the responsible Chevron “we,” do a good job.
    [Show full text]
  • Policy Governance Manual
    September 30, 2020 GVR Board of Directors Policy Governance Manual Introduction and Foundation of the Package: POLICY GOVERNANCE® SOURCE DOCUMENT Why a Source Document? A “source” is a point of origin. A source document is a “fundamental document or record on which subsequent writings, compositions, opinions, beliefs, or practices are based.” (Websters) Without a simply expressed clear point of source, interpretations, opinions, and writings, implementation may intentionally or unintentionally diverge from the originating intent and ultimately be undifferentiated. The point of source (“authoritative source”) is John Carver, the creator of Policy Governance, with Miriam Carver, his fellow master teacher. Without a simply expressed clear source document, Policy Governance is not reliably grounded and not transferable as a paradigm of governance. It is left vulnerable to interpretation, adaptation, and impotence. This Source Document (pages 1-4) has been produced by the International Policy Governance Association and approved by John and Miriam Carver as being true to source. What Policy Governance is NOT! 1. Policy Governance is not a specific Board structure. It does not dictate Board size, specific officers, or require a CEO. While it gives rise to principles for committees, it does not prohibit committees nor require specific committees. 2. Policy Governance is not a set of individual “best practices” or tips for piecemeal improvement. 3. Policy Governance does not dictate what a Board should do or say about group dynamics, methods of needs assessment, basic problem solving, fund raising, or managing change. 4. Policy Governance does not limit human interaction or stifle collective or individual thinking. 1 September 30, 2020 What Policy Governance IS! Policy Governance is a comprehensive set of integrated principles that, when consistently applied, allows governing Boards to realize owner- accountable organizations.
    [Show full text]
  • Corporate Governance
    Corporate governance report 196 Group Chairman’s governance statement 198 The Board 202 Senior management 204 How we are governed 209 Board activities during 2020 213 Board committees 229 Directors’ remuneration report 256 Share capital and other related disclosures 260 Internal control 261 Employees 264 Statement of compliance 265 Directors’ responsibility statement Corporate governance Corporate HSBC is committed to high standards of corporate governance. We have a comprehensive range of policies and systems in place designed to ensure that the Group is well managed, with effective oversight and control. HSBC Holdings plc Annual Report and Accounts 2020 195 Report of the Directors | Corporate governance report Group Chairman’s governance statement Despite the challenging environment, the Board remained informed on relevant issues, engaged with stakeholders, and oversaw the development of our new Group purpose and values. As Group Chairman, I am ultimately responsible for the Group’s governance arrangements and the effective operation of the Board. I am also responsible for ensuring that the Board sets the right tone from the top of the organisation and monitors the Group’s culture. Given the unique challenges faced during 2020 as a result of the Covid-19 outbreak, it was important that the Board was properly informed on a regular basis on all key issues and priorities affecting the Group. To achieve this, we increased our Board communication and met more frequently during 2020, albeit remotely and with scheduling flexed to meet the challenges of Directors based in different time zones. This allowed us to share insights and receive updates on key developments, supported by the attendance of external subject matter experts.
    [Show full text]
  • FOCUS 15 Sustainability Committees: Structure and Practices
    FOCUS 15 Sustainability Committees: Structure and Practices IN PARTNERSHIP WITH About IFC IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org. © International Finance Corporation 2021. All rights reserved. 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 Internet: www.ifc.org The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. Acknowledgments (Presented in alphabetical order) Members of the core editorial team are Ghita Alderman of IFC, Christopher Pierce of Global Governance Services Ltd., and Anna Francina Ramalho, non-executive director and independent governance consultant. The team wishes to acknowledge and thank the internal IFC peer reviewers: Jeremy Ansell, Chuck Canfield, Atiyah Curmally, Sarah Cuttaree, and Magdalena Rego. This publication was developed and produced with the generous support from Luxembourg’s Ministry of Finance.
    [Show full text]
  • 2020 ESG Report
    2020 ESG Report Letter from the CEO As we publish our 2020 Environmental, Social and Governance (ESG) report there is an ever- growing focus on the importance of renewable energy in the global energy mix and the increasing relevance of ESG and climate-change commitments for companies to reduce their GHG emissions. Our strategy focuses on climate change solutions in the power and water sectors. We intend to continue to play an important role in the solution to climate change and our long-term strategy reflects this. Following a thorough analysis in 2021, the Board of Directors approved a new ambitious GHG emissions target, setting out to achieve a 70% reduction in Atlantica's emission rate per unit of energy generated by 2035 versus the 2020 base year. This is a particularly aggressive target for a company like Atlantica, where renewable energy production – an activity which already has a very low rate of emissions per unit of energy produced and is well below the average power production activities in traditional utilities – accounts for approximately 75% of our business. In 2020, our activities allowed us to avoid over 5 million tons of CO2 emissions, and as part of our commitment to sustainability, we implemented a new GHG emissions offset mechanism that reduced our Scope 1 GHG emissions by 12%. We are also committed to ensuring that over 80% of our adjusted EBITDA, including unconsolidated affiliates, continue to be generated from low-carbon footprint assets such as renewable energy, storage, transmission infrastructure and water assets. We also have an ambitious plan to continue growing our renewable energy business.
    [Show full text]
  • Natwest Group Plc 2020 Environmental, Social and Governance Supplement Our Purpose in Action
    NatWest Group plc 2020 Environmental, Social and Governance supplement Our purpose in action. 02 Group Chief Executive Officer’s statement We champion potential, helping people, families and businesses to thrive. Welcome to NatWest Group’s first Environmental, Social and Governance (ESG) supplement, which I hope will provide you with a deeper understanding of the work we are doing to tackle the most pressing challenges facing our customers, communities and society as a whole. In these pages, you will see how our purpose-led strategy, underpinned by our focus areas of enterprise, learning and climate, is helping us to drive positive change on ESG matters. We made strong progress on our ESG priorities in 2020. Alison Rose Nonetheless, as a relationship bank supporting the day-to-day financial needs of 19 million customers and 1 in 4 businesses in Group Chief Executive Officer every region of the UK and Ireland, we always have the opportunity to do more. Our response to COVID-19 has shown this organisation at its best, as we pivoted our operations at pace to support our customers, prioritised the safety and wellbeing of our colleagues, and leveraged existing partnerships to support the most vulnerable in society. We will harness this energy as we support our customers and the wider UK economy to rebuild more sustainably in the months and years ahead. 03 We were proud to become a founding signatory to the Our responsibility to society pandemic, we offered reassurance to all colleagues that we UN Principles for Responsible Banking (PRB), committing to During the pandemic, NatWest Group has been there to would continue to pay them, in full, even if they fell ill or aligning our strategy with the 2015 Paris Agreement and provide help and support to those who needed it most.
    [Show full text]
  • Hsbc North America Corporate Governance Standards
    HSBC NORTH AMERICA CORPORATE GOVERNANCE STANDARDS The following standards, together with the Bylaws of the Corporation and the charters of committees of the Board of Directors (the “Board”), provide the guidelines for the corporate governance of HSBC North America Holdings Inc. (“HNAH”) and its primary subsidiaries HSBC USA Inc. (“HUSI”) and HSBC Bank USA, N.A. (“HBUS”, and each of HNAH, HUSI and HBUS, the “Corporation”). These standards will be reviewed by the Board periodically in order to ensure the Corporation maintains “best practices” in corporate governance. For purposes of these standards: “Independent (non-executive) Directors” shall mean Directors who are not employees of any entity within the HSBC Group and have been determined by the Board to be independent in character and judgment, free of relationships or circumstances that could affect, or appear to affect their exercise of independent judgment. See Appendix A Independent Director Standards. “Non-executive Directors” shall mean members of the Board who are not employees of any entity within the HSBC Group, but do not meet the Independent Director Standards. “Executive Directors” shall mean members of the Board who are employees of any entity within the HSBC Group. Powers of the Board The Board is responsible for overseeing the business of the Corporation, and may exercise all the powers of the Corporation, subject to applicable laws and regulations and the Certificate of Incorporation or Articles of Association, as applicable. Role and Responsibilities of the Non-Executive Chair of the HNAH Board1 The role of the Non-Executive Chair of the HNAH Board is to provide leadership for the Board of the company.
    [Show full text]